The required data rate of wireline communications has increased; however, channel attenuation limits the data bandwidth. Bit-efficient signaling is an effective and efficient solution because more data can be transmitted at the same Nyquist frequency. Several methods for increasing bit efficiency, such as multi-wire signaling, multi-level signaling, and symbol correlation schemes, have been proposed. Each scheme can generate additional codes by encoding the data. Additional codes can be used to transmit more data or to embed data transitions. In this study, the aforementioned schemes are analyzed, and a method is developed to combine them, maximize the bit efficiency, and ensure the data transition density. For the prototype transceiver, a 4-wire PAM-3 (4W3P) signaling scheme was adopted. The 4W3P signaling scheme can increase the bit efficiency to 200% while maintaining the DC-balanced characteristics. Transceiver building blocks, such as the TX driver, feed-forward equalizer, and analog front-end, were optimized for the proposed signaling scheme. The prototype transceiver was fabricated using 28 nm CMOS technology, occupying 0.012 mm <sup xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sup> . The RX was measured using the TX and achieved a BER less than <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"> <tex-math notation="LaTeX">$10^{-12}$ </tex-math></inline-formula> at 40 Gb/s over the four wires, with a total transceiver energy efficiency of 1.52 pJ/bit.